The things to strive for and to have in place as a small business owner is having systems, which any idiot can follow (any employee).
As well as, have someone capable to step into your shoes. This also applies to your tools of trade, car, van etc. Profitability will drop however if your profit margin is sufficient you should survive!
Is your Business affected by Climatic conditions (seasonal and economical) ?
Do you make more when school is out?
Or when the events are on in town?…
Do you get the drift?
How does weather affect your businesses?
Are you a tradesman or do you own or manage a resort?
Or are you a B2B (Business to Business) who supplies goods or services to those types of seasonal businesses.
Fact is if your business customers aren’t buying then that affects your bottom line as well.
Now lets touch on Economical Climate, having a business or relying on other businesses that is hugely affected by the local, regional or nation economy can also cause problems if the economy slumps. Is your region reliant on a few major or national industries?
Support, Training, and Mentoring
The most prominent disadvantage about starting your own business as opposed to say buying a franchise, or buying a good franchise, is that you don’t have the Support, Training and Mentoring. That can save you making those mistakes that all newbies do…. which cost you time and or money.
Support, Training and Mentoring is a critical part of all types of businesses to be profitable quickly.
Is an important part of all small businesses. The customers can be difficult & complain, so they need to be kept happy and hopefully quiet so as not to give poor reviews.
Fact is that poor reviews happen, just because there are so many complainers.
Now, on the other hand, there are so many Online Businesses… Smart, Good, Bad and Sad